Business
BetMGM H1 Update
BetMGM H1 Update.
About this update from Entain Plc
[{"type":"text","content":"\n\n29 July 2024\n \nTHIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIES AS INSIDE INFORMATION\n \n \nBETMGM FIRST HALF 2024 UPDATE\n \nNET REVENUE FROM OPERATIONS OF $1.0 BILLION IN FIRST HALF OF 20241,2\n \nMomentum accelerating in a year focused on investment and strategic execution to drive future growth\n \n \nBetMGM LLC (\"BetMGM\"), one of the leading sports betting and iGaming operators across North America, jointly owned by Entain plc (LSE: ENT) (\"Entain\") and MGM Resorts International (NYSE: MGM) (\"MGM Resorts\"), is today providing an update on First Half 2024 (\"1H 2024\") performance.\n \nAdam Greenblatt, Chief Executive Officer of BetMGM, commented:\n\"The first half of this year has been very important in laying the groundwork for BetMGM's future. 2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players. We are encouraged to see this strategy delivering accelerating momentum. We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.\n \nOur online sportsbook players have been enjoying Angstrom-enabled product capabilities since the start of the baseball season, and we look forward to players enjoying this across our wider sports offering leading into the NFL season. We are also very excited to bring our unique omnichannel opportunities to players by fully leveraging MGM Resorts' presence in Las Vegas. Single Account Single Wallet will be an important driver of the customer experience, with Nevada marking its completion ahead of the NFL season. Our iGaming business continues to perform strongly with attractive returns, and to maximize this strength and momentum, we plan to deploy additional marketing in the back half of this year. Our execution roadmap, building momentum and prospects ahead all support our confidence in BetMGM's strong future.\"\n \n1H 2024 Update\ná 1H 2024 financial performance demonstrating accelerating momentum through the year\no Net revenue from operations of $1.0 billion, up 6% versus prior year1,2\n¤ 2Q net revenue growth of 9% YoY, up from 3% in 1Q\n¤ 2Q online sports betting NGR per active up 16% YoY\n¤ 2Q iGaming average mon...